Generex Biotechnology Corporation (OTCMKTS:GNBT), a leading organization indulged into research, commercialization and development of the drug delivery system, announces a deal worth $11 million on Buccal Cannabis. As per the reports, the company will receive $1 million in R&D funding and $10 million in common stock.
Insights On Matter:
Generex has signed a non-binding LOI (letter of intent) with Smoofi, Inc., to offer it Generex proprietary RapidMist technologies for the development of drugs. Reports claim that these technologies are capable of delivering recreational and medical marijuana based products into the bloodstream with the help of buccal membrane.
The Generex RapidMist platform administers the medications straight into the mouth as metered drug spray. This method is appropriate for fast absorption by the buccal mucosa. As of now, the Generex’s most sought after product in the development stage is Generex Oral-lyn. It’s an insulin spray product that is developed by using RapidMist. Generex Oral-lyn can be used as an effective treatment for diabetes mellitus.
Smoofi, Inc. is known for offering advisory and consulting services to licensed recreational and medical marijuana operators and various retail dispensaries spread across The United States. It uses “seed to retail” process to guide all the clients. In this process, first comes the business planning, and then other procedures like competitive strategy and technology, local permitting and regulatory compliance, selection of site, setup and financing procedure.
With the help of this global license, Smoofi will be able to use Generex Oral-lyn product in all parts of the country. In return for this license, Generex Biotechnology Corporation (OTCMKTS:GNBT) has received $10 million worth of common stock and a warrant to buy up to 15 million shares of its common stock. Smoofi will have to qualify the common stock for public distribution.
Further updates regarding the sales and distribution of Generex Oral-lyn will be shared with shareholders in the future.